Consider this. Within the next ten years, thousands of baby boomers will be at or nearing retirement. Many will be looking for a nice quiet place by the lake, but many may find that having a lake home might be more trouble than it’s worth. Having to do maintenance, repairs, and upkeep can easily sap the fun out of any weekend on the lake. Vacations up at the cabin are supposed to be about relaxing, not about doing yard work. How can you look forward to a relaxing weekend at the lake when you know when you get there you have a mountain of chores waiting for you when you get there? But, what if you could have all the enjoyment of owning a lake home without having to worry about all the upkeep? If that option sounds exciting to you, Common Interest Communities are an option you certainly want to explore.
Common Interest Communities are a rapidly developing phenomenon happening all over Minnesota’s lake country. As more and more lakeside resorts fold due to lack of revenue and rising operations costs, groups of investors are stepping in and buying these resorts, fixing them up, and turning them into Common Interest Communities. In essence, these communities work the same way that resident associations do. All the residents own the unit they use as well as have equal access to the amenities on the grounds. Upkeep and maintenance of the yards and all the common areas are paid for by either monthly or yearly dues paid to the association. The result is resort style lake living, in a cabin or house that you own, with none of the hassle of the upkeep.
“These communities will be the face of the New Up North,” said Brad Hagfors, broker, associate and consultant for the Excellence Group at Remax Associates Plus, a real estate company based out of Rogers, Minnesota. “One of the main things that keep prospective buyers from buying a cabin is the amount of work they would have to do to keep it up. I’ve been selling lakeshore property for over 25 years and this is exactly what the baby boomers want. They want the lake with as little work as possible. They want a carefree cabin community.”
The Excellence Group at Remax Associates Plus is currently offering The Pines on Jessie Lake, a Carefree Cabin Community located 20 miles north of the Deer River outside of Grand Rapids. There are 7 cabins, 5 of which are currently for sale, which are fully furnished and complete with running water and some with in-house laundry. Residents will have access to a host of amenities including beaches, public boat docks, a playground for the kids, a fish cleaning house, horseshoe pits, and much more. And like most common communities, all the grounds keeping, trash pick up, snow removal, and lawn care will be handled by the community association.
“There is something you can do all year round, and all you have to do is bring your family, food and your toys,” says Hagfors. “It’s the very definition of carefree cabin living.”
The Pines on Jessie Lake also allows buyers to rent out their cabins to others when they aren’t using it themselves. This is a unique opportunity to share the lake experience with friends as well as have source of secondary income—a real boon for boomers and investors alike.
The face of the Up North experience may be changing, but the desire to get up there is growing ever stronger. And with more and more Carefree Cabin Communities being developed many more people may be able to fulfill that wish.
Al Josef is the editor of LakeshoreDreams.com. Photo supplied by Brad Hagfors. If you'd like to learn more about the Pines on Jessie Lake, please visit www.carefreecabincommunity.com
